In modern conditions, the Russian economy has faced a huge number of sanctions imposed by Western countries. These restrictions have affected many socio-economic spheres. In this regard, there is an urgent need to develop an industrial policy of the state aimed at implementing import substitution. The article substantiates the need for import substitution in Russia, especially in the context of growing geopolitical tensions and sanctions. The state has made import substitution a central strategy of the Russian economy with an emphasis on key industries such as electronics, pharmaceuticals, light industry, heavy industry and others. Data on the degree of import dependence of various industries are presented. It is shown that the implementation of this strategy will allow the Russian economy to achieve technological sovereignty. The measures of support of the domestic manufacturer are considered. The data on the implementation of major investment projects aimed at creating their own innovative products that will ensure the technological sovereignty of the domestic economy are presented. The prospects for the development of industrial production in the conditions of sanctions restrictions are investigated.